It’s no surprise that Europe’s deteriorating economy would affect the countries that export to the debt-laden region.At an industry conference this morning, container shipping companies announced that they were cutting capacity between Asia and Europe, reports Reuters.
Maersk Line, the world’s largest shipper, has been unprofitable this year and was among the companies announcing cuts.
Orient Overseas, a Hong Kong-based shippers, said it cut capacity between Asia and Europe by 20%.
According to Reuters, shipping rates from China to Europe have fallen by around 35% this year.
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